Notes to SEFA
The accompanying schedules of expenditures of federal and state awards (the “Schedules”) include the federal and state grant activity of the Borough of Madison under programs of the federal and state governments for the year ended December 31, 2025. The information in these schedules is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”) and New Jersey's OMB Circular 25-12, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Because the schedules present only a selected portion of the operations of the Borough, they are not intended to and do not present the financial position, changes in fund balance or cash flows of the Borough.
Amounts reported in the accompanying schedules agree with the amounts reported in the related federal and state financial reports.
At December 31, 2025, the Borough has $1,677,291.58 and $3,109,331.01 of N.J. Environmental Infrastructure Trust and Fund Loans Payable and $1,281,449.42 of N.J. Environmental Infrastructure Trust Direct Loan Payable outstanding which are recorded in the General Capital Fund. The loan agreements were obtained to finance a portion of the cost of improvements to the Madison- Chatham Joint Meeting’s Molitor Water Pollution Control Facility. Even though the Borough is responsible for the repayment of the loans, the Borough does not receive or expend any of the loan funds. The Madison-Chatham Joint Meeting is responsible for the draw downs and expenditures of loan funds.